Reps summon PEF executive secretary over alleged irregularities in products’ distribution

House of Representatives

The House of Representatives ad hoc committee on Review of Pump Price of Petrol yesterday summoned the Executive Secretary of Petroleum Equalization Fund (PEF), Ahmed Boboi, over alleged irregularities of claims in the distribution and lifting of petroleum products in the country.

The summon, the committee said follows evidence given by some oil companies on the role of the fund, during their appearance before the committee.

At the resumed hearing, its Chairman, Mr. Nnana Igbokwe (PDP, Imo), quizzed some of the oil marketers contesting figures quoted in the records placed on them which include alleged fictitious records that have led to the committee placing most of their transactions with PEF under investigation.

The committee is also seeking the appearance of the Managing Director of Delmark Petroleum Ltd on July 4, 2017.

Also, the adhoc committee probing the activities of federally owned DFIs in Nigeria has faulted on -going moves to shut down the National Economic Reconstruction Fund (NERFUND).

The Chairman of the Committee, Mr. Emeka Anohu, told reporters yesterday that it would be counter-productive to wound down NERFUND.

The lawmaker maintained that the MSME’s would thrive with outfits like NERFUND, Bank of Industry (BOI), and the Bank of Agriculture (BOA) with an effective management in operation.

Acknowledging that the activities of NERFUND was characterised by poor management and diversion of funds to cronies over the years, he argued that the situation could be reversed if the agency is reorganised and repositioned to discharge its mandate to Nigerians.

He said the committee would summon all the past managing directors/chief executive officers as well as beneficiaries of loans from NERFUND to a public hearing soon to explore the way forward.



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